财务报表分析与证 券估值优质课件 (13).pptVIP

Earnings and Cash Flows Earnings from the business (operating earnings) = Earnings + Net interest (after tax) = Free cash flow + investment + accruals = [C - I]+ I + accruals = C + accruals The earnings calculation adds back investments and puts them back in the balance sheet. It also adds accruals. 4-* Earnings and Cash Flows: Nike, Inc., 2010 4-* * * * * * * * * * * * * * * * * * * * * * * * * * * * * CHAPTER FOUR McGraw-Hill/Irwin Copyright ? 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Prepared by: Stephen H. Penman – Columbia University With contrib